Egypt's CIB says e-banking users constitute 66% of its customer base

Egypt - The Commercial International Bank (CIB) has revealed that users of electronic banking services currently constitute about 66% of the bank’s customer base.

The bank added that its customer base of Internet banking services amounted to 1.3 million users, with an annual growth of 25%. According to its statement, the CIB recorded Internet banking transaction increase of 13% to 2.2 million with a total value of EGP 65.6bn.

The bank stressed that the efforts of the digital banking services sector and international banking transactions focused on this goal in all the developments implemented by the sector, starting with redesigning operations, enhancing digital capabilities and improving the package of services provided, leading to establishing an integrated system that optimally meets the multiple needs of customers in order to improve customer’s digital experience.

It pointed out that the bank continued its tangible achievements in terms of implementing its strategic plan, “The Bank of the Future”, during the year 2022.

It also added that the bank managed to expand digital services provided to businesses banking services sector, and implemented a set of their banking transactions through digital channels instead of branches. It revealed that these developments witnessed remarkable success thanks to the concerted efforts between the concerned sectors and departments at the bank.

According to the bank, the electronic service channels have become the main means for customers to meet their needs.

Additionally, the bank revealed that the volume of mobile application services transactions increased by an annual rate of 57%, to reach 11.4 million transactions with a total value of EGP 216.4bn, an annual growth rate of 59%.

The bank confirmed that in 2022, it was keen on updating the phone banking service, as it launched this service for smart wallet customers, allowing them to choose the services they want to obtain before transferring them to customer service representatives, and entering the personal identification number to determine the services related to the category of each caller and facilitate access to them.

According to the bank, the most prominent positive indicators also included a high rate of use of the virtual digital assistant service supported by the latest artificial intelligence technology, as the service made 488,000 interactions during the year 2022, whether through the bank’s website or through the Facebook Messenger application, which led to a cost reduction of EGP 8m.

CIB continued to consolidate its position in the field of government electronic payment services in the Egyptian market, through corporate payment service platforms (CPS), after making a set of improvements aimed at promoting and enhancing sales of corporate electronic government payment products.

According to the bank, it has launched a programme to re-design operations in order to transform the process of selling electronic government payments platform products to companies, to be run digitally through robotic process automation techniques, pointing out that these efforts resulted in reducing the processing time of transactions and improving performance, as well as an increase in the volume of transactions at a level rate of 37% to 160,000 transactions, with a total value of EGP 31.4bn. The annual growth is 34%, and the customer base of electronic government payment platforms for companies increased by an annual rate of 35% to include 4,000 customers. This was accompanied by an increase in the rate of conversion of transactions to digital platforms by an annual rate of 56%, and thus rationalization of costs at an annual rate of 87%, to EGP 18.3m.